Wal-Mart has been in the forefront in trying to find novel through which they can increase efficiency using Blockchain. They have just applied for a patent application for a vendor payment sharing system backed by blockchain technology. The system will be used for managing of payment from customers to couriers for services rendered.
Details of the Blockchain Backed System
The vendor payment system consists of inputs from the customers, vendors and the data from the servers. The customer initiates the first process by ordering goods from stores which are delivered by a courier. The customer has to confirm products delivered by courier are according to orders placed. If not the customer can request the goods to be returned back to the stores. Input from the customer’s devices is automatically sent to the servers. The server then computes the charges for every service. From the calculations, the server generates results of the total amount the customer is charged for the services offered.
After the customer pays for the services, the system then divides the payment according to services offered and proceeds to pay the courier companies. According to the developer, the system will also be programmed to encrypt the payment of every service provider. The encryption will enable the money to be safe and reach every service provider. Apart from the vendor payment sharing system, Wal-Mart Store Inc has also applied for a patent for their courier shopping system.
Developers of the System
Wal-Mart vendor payment sharing system was designed and developed by a team of developers which include O’Brien, Todd, Brian Gerard, Donald R, and John J. From the moment a customer ordered for a product, the system assigns a courier based on a vector associated with the customer preferences. The courier will then proceed to deliver the goods to the customer. Apart from paying for products customers can also rate the courier according to the service offered.
The vendor payment system can also be used as an authentication system for valuables which are digitized. Some of the digitized valuables which can be authenticated by the system include a digital wallet, medical records, digital cash, a digital representation of a contractual relationship, intellectual property, and a license to intellectual property. The vendor payment sharing system will help in the management of records for the customers, vendors, and store. Also, information will be in real time and more efficient.